Frequently Asked Questions

How can BiSaver® be so simple and save me so much time and money?
Is it easy?
How much will it cost?
Why credit on the monthly due date?
Why help me cut the cost of paying back my mortgage?
Can I pay biweekly without BiSaver®?
Can the amount of my biweekly transfer change?
Can my designated account be at any bank?
Do I qualify?
Is this right for everyone?
Is BiSaver® really hassle-free?

 

How can BiSaver® be so simple and save me so much time and money?

Since there are 26 biweekly periods in a year, each year you will have made the equivalent of one extra mortgage payment. Every extra cent goes to reduce your principal, powerfully attacking the total cost of your mortgage. What's more, you'll build real equity faster and be able to pocket considerably more cash if you sell.

Is it easy?

Yes. You won't even have to write out mortgage checks. BiSaver is automatic! Simply designate the checking or savings account from which you'd like BiSaver transfers to be made.

We've set up a special automated system that handles it all for you. It makes the transfers from your account electronically and credits your mortgage on its regular monthly due date, like clockwork.

How much will it cost?

There is a onetime startup charge and a small service fee may be added to each transfer. These fees vary somewhat by mortgage company, so please call for details. The nonrefundable startup charge may be paid by check, Mastercard or VISA.

Why credit on the monthly due date?

BiSaver does not change the terms and conditions of your mortgage contract. That's why crediting to the mortgage will continue to be done monthly.

Why help me cut the cost of paying back my mortgage?

While the mortgage company will be earning less income from your loan, they will make some money by having interest-free use of the biweekly transfers from the time received until the regular monthly due date. That's when they become your mortgage payment and are fully credited to your loan.

Can I pay biweekly without BiSaver®?

No. We are not aware of any mortgage company that will accept biweekly or semimonthly payments for a monthly mortgage. What you may do is submit more than your regular monthly payment each month to reduce your principal balance faster and save interest.

Can the amount of my biweekly transfer change?

Yes. If your mortgage provides for a change in your monthly payment, your BiSaver transfer amount will change by half of that amount. You will receive advance notice of any payment changes so that you can arrange to have adequate funds in your bank account.

The terms in your existing loan documents and the terms/charges on your designated account are unchanged.

Can my designated account be at any bank?

With few exceptions, most bank or savings institution checking or savings accounts will do fine.

Do I qualify?

If you currently have a mortgage that is in good standing and have a checking or savings account, then you qualify to participate in the BiSaver Program.

Is this right for everyone?

No. Because BiSaver transfers are made every 2 weeks rather than once a month, this program may not work for everyone. But--if your salary is paid weekly or biweekly, if yours is a two-income household or if biweekly payments are otherwise within your means, all the advantages of BiSaver can be yours.

Is BiSaver® really hassle-free?

Yes! We have a dedicated support staff to help you. Call 1-800-368-8800. They’ll respond to your BiSaver questions and, if appropriate, mail you the BiSaver agreement.